Cypress Capital Group Boosts Stake in Garmin Ltd. (NYSE:GRMN)

Cypress Capital Group lifted its holdings in shares of Garmin Ltd. (NYSE:GRMN) by 6.5% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 1,892 shares of the scientific and technical instruments company’s stock after acquiring an additional 115 shares during the quarter. Cypress Capital Group’s holdings in Garmin were worth $333,000 as of its most recent filing with the SEC.

Several other institutional investors have also modified their holdings of GRMN. Select Equity Group L.P. raised its holdings in Garmin by 0.6% in the second quarter. Select Equity Group L.P. now owns 2,006,563 shares of the scientific and technical instruments company’s stock valued at $326,909,000 after acquiring an additional 11,666 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Garmin by 0.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,735,623 shares of the scientific and technical instruments company’s stock valued at $282,761,000 after purchasing an additional 13,968 shares in the last quarter. Boston Partners lifted its position in shares of Garmin by 4.3% during the first quarter. Boston Partners now owns 1,416,130 shares of the scientific and technical instruments company’s stock worth $210,799,000 after purchasing an additional 58,343 shares during the last quarter. Marshall Wace LLP grew its stake in Garmin by 34.0% in the second quarter. Marshall Wace LLP now owns 1,098,443 shares of the scientific and technical instruments company’s stock worth $178,958,000 after purchasing an additional 278,990 shares in the last quarter. Finally, Captrust Financial Advisors increased its holdings in Garmin by 20.2% in the first quarter. Captrust Financial Advisors now owns 839,537 shares of the scientific and technical instruments company’s stock valued at $124,982,000 after buying an additional 141,001 shares during the last quarter. Institutional investors and hedge funds own 73.41% of the company’s stock.

Insider Activity

In other Garmin news, Director Philip Straub sold 2,750 shares of the company’s stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $181.46, for a total transaction of $499,015.00. Following the sale, the director now directly owns 88,622 shares of the company’s stock, valued at approximately $16,081,348.12. This represents a 3.01 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Sean Biddlecombe sold 587 shares of Garmin stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $210.10, for a total transaction of $123,328.70. Following the completion of the transaction, the director now owns 6,147 shares of the company’s stock, valued at $1,291,484.70. This trade represents a 8.72 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 3,424 shares of company stock worth $638,159. Corporate insiders own 19.54% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have commented on GRMN. Morgan Stanley downgraded shares of Garmin from an “equal weight” rating to an “underweight” rating and decreased their price objective for the stock from $155.00 to $138.00 in a report on Monday, October 7th. StockNews.com lowered Garmin from a “buy” rating to a “hold” rating in a report on Thursday, September 12th. Tigress Financial increased their price objective on shares of Garmin from $210.00 to $215.00 and gave the stock a “strong-buy” rating in a report on Thursday, September 19th. Finally, Barclays boosted their target price on shares of Garmin from $133.00 to $158.00 and gave the company an “underweight” rating in a research note on Friday, November 1st. Three analysts have rated the stock with a sell rating, three have issued a hold rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $162.67.

Garmin Stock Up 1.8 %

NYSE:GRMN opened at $209.19 on Friday. The company’s 50 day moving average is $181.49 and its 200-day moving average is $173.40. The firm has a market cap of $40.17 billion, a price-to-earnings ratio of 26.55, a P/E/G ratio of 3.16 and a beta of 0.97. Garmin Ltd. has a 12 month low of $119.15 and a 12 month high of $215.55.

Garmin (NYSE:GRMN) last released its earnings results on Wednesday, October 30th. The scientific and technical instruments company reported $1.99 EPS for the quarter, beating the consensus estimate of $1.46 by $0.53. Garmin had a net margin of 25.48% and a return on equity of 17.99%. The firm had revenue of $1.59 billion during the quarter, compared to analysts’ expectations of $1.44 billion. During the same period in the prior year, the company earned $1.41 EPS. The business’s quarterly revenue was up 24.1% compared to the same quarter last year. Research analysts predict that Garmin Ltd. will post 6.88 EPS for the current fiscal year.

Garmin Company Profile

Garmin Ltd. designs, develops, manufactures, markets, and distributes a range of wireless devices worldwide. Its Fitness segment offers running and multi-sport watches; cycling products; smartwatch devices; scales and monitors; and fitness accessories. This segment also provides Garmin Connect and Garmin Connect Mobile, which are web and mobile platforms where users can track and analyze their fitness, activities and workouts, and wellness data; and Connect IQ, an application development platform.